Press release
Global Motorcycle Market to Grow at a CAGR of 8.4% by 2028
The global COVID-19 pandemic has come as a surprise and a shock, and demand has outperformed forecasts in every region relative to pre-pandemic levels in every case. According to our statistics, the world's bike market expanded by 8.11% in 2020 compared to 2019. A motorbike is a two-wheeled motor vehicle that is frequently called a "bike" Motorcycles are equipped with an engine as well as numerous mechanical and electrical components. The designs of these bikes vary significantly to accommodate a variety of activities, such as commuting, cruising, long-distance travel, sports, racing, and off-road riding. Over the past ten years, riding a bike has become a more and more economical form of personal transportation. Even though the vehicle industry has experienced growth, cross-regional market sales have been further bolstered by macroeconomic factors including increased disposable income and greater urbanization. Manufacturers are also attempting to improve fuel efficiency and add features like bucket seats, air-cooled engines, larger fuel tanks, distinctive horns, and Bluetooth speaker systems that will give the industry opportunities in the approaching years. The significantly expanding U.S. bicycle sector was promoted in 2020 by the ATV/RUV category, according to Motorcycles Data research released in December 2020. According to the data, the increase in demand in 2020 is expected to result in more than 4% more U.S. production.
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Read Market Research Report, "Global Motorcycle Market by Type (Standard, Sports, Cruiser Based), Propulsion Type (Ice And Electric Based), and Region" -Forecast and Analysis 2022-2028" by SkyQuest.
The Asia Pacific market was worth USD78.94 billion in 2021. The region leads the global market populations because of significant demographic change, a larger middle class, more income within the middle class, as well as a growing preference for private versus public transportation. India is the world's largest market for bikes, accounting for over 40% of all sales worldwide. Despite the corporation, Honda's independent market share is only 14%. India-based Original Equipment Manufacturers (OEMs) control 77% of the market. On the other hand, Hero MotoCorp vigorously contends with TVS Motor and Bajaj Auto. In order to promote electric two-wheelers, the Indian government is also implementing policies like FAME-II that offer subsidies and tax consumer exemptions. The government's encouragement of electric two-wheelers and short commutes in emerging countries, as well as China's high sales and manufacturing, are additional factors that are projected to boost the Asia Pacific market.
Due to the great demand for a wide variety of motorcycles, including normal, sports, cruisers, and touring, North America currently holds a sizable portion of the global market. 75 percent is the overall growth rate, and it has been rising more quickly since 2006. Due to rising per capita income and an increase in riders in the region, Latin America is likewise experiencing a steady increase in the market for motorised motorcycles.
The motorbike market in Europe is well established and is predicted to grow over the forecast period. The regional market is quite profitable for the producers due to the adoption of cutting-edge technologies, highly advanced manufacturing centres, and the rising demand for various motorbikes. The German motorcycle business is regarded as one of the fastest-growing industries, according to a research published by Motorcycles Data in January 2021.
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The report published by SkyQuest Technology Consulting provides in-depth qualitative insights, historical data, and verifiable projections about motorcycle Market Revenue. The projections featured in the report have been derived using proven research methodologies and assumptions.
Report Findings
Drivers-Increased consumer disposable money has led to a growth in the demand for bikes as a result of better living circumstances, a younger population, and an older population who are more likely to own a car than use public transportation.
Restraints-The motorcycle market is frequently constrained by the higher risk of accidents for riders.
What does this Report Deliver?
Market Estimation for 20+ Countries
Motorcycle Market demand by Region, Sub-Region, and Country
Customization on Segments, Regions, and Company Profiles
100+ tables, 150+ Figures
Global, Regional, and Country-specific Motorcycle Market Trends
Comprehensive Mapping of Motorcycle Industry Parameters
Attractive Investment Proposition in the Global Motorcycle Industry
Competitive Strategies Adopted by Motorcycle Market Key Players
Drivers, Restraints, Opportunities, Challenges, and the impact on the Motorcycle Market Size
Market growth rate till 2028
Regulatory scenario, regional dynamics, and Motorcycle market insights of leading countries in each region
In-depth Market insights by Region and Country
Market Segmentation Trend Analysis, Opportunities, and Growth
Porter's five force analysis to know the market's condition
Pricing Analysis and Motorcycle Market Sales
Parent market analysis
Product portfolio benchmarking
Speak with our analyst for more information: https://skyquestt.com/speak-with-analyst/motorcycle-market
SkyQuest has segmented the Global Motorcycle Market based on Type, Propulsion Type, and Region:
Global Motorcycle Market by Type (Revenue, USD billion, 2021 - 2028)
Standard
Sports
Cruiser
Global Motorcycle Market by Propulsion Type (Revenue, USD billion, 2021 - 2028)
ICE
Electric
Global motorcycle Market By Region (Revenue, USD billion, 2021 - 2028)
North America
US
Canada
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia Pacific
China
India
Japan
Rest of Asia Pacific
Central & South America
Brazil
Rest of CSA
Middle East & Africa
GCC Countries
South Africa
Rest of MEA
Key Players in the Global Motorcycle Market
Honda Motor Co. Ltd. (Japan)
Suzuki Motor Corporation (Japan)
Polaris Industries Inc. (US)
Yamaha Motor Co.Ltd. (Japan)
Harley-Davidson Inc. (US)
PIERER Mobility AG (Austria)
BMW AG (Germany)
Kawasaki Heavy Industries Ltd. (Japan)
Triumph Motorcycles (UK)
Hero MotoCorp Ltd. (India)
Bajaj Auto Ltd. (India)
TVS Motor Company (India)
Ducati Motor Holding S.p.A. (Italy)
Eicher Motors Limited (India)
About Us:
SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.
Address:
1 Apache Way, Westford, Massachusetts 01886
Phone:
USA (+1) 617-230-0741
Email: sales@skyquestt.com
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